Record-keeping holes catch out licensee in ASIC dig

Licensee Allied Financial Solutions is set for an external review after failures were found in its record-keeping for an authorised representative, forming part of ASIC's broader push to catch non-compliance in advice and accounting firms.

Some fear that well-meaning firms will be caught out by ASIC's wide net.

“If you look under the hood of any business, there’s always going to be something they could have done better, and that’s not to say that they’re not a good business,” said Licensing for Accountants chief executive, Kath Bowler.

“They don’t want to get caught up in having their names tarnished just because ASIC needs to go and find fault. That’s really not getting to the heart of the issue,” she said.

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